Local Business Gets an Utah Business Loan
Business loans in Utah are hard to find these days. We take a look at one Utah business loan, provided by an Utah bank, that was approved by the SBA.
Getting a small business loan in Midvale, Utah was a top priority for this SBA-financed company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Mountain America Fcu. Here are the details on this Utah small business loan.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
MIDVALE, UT 84047
SBA Loan Lender
MOUNTAIN AMERICA FCU
7181 S CAMPUS VIEW DR
WEST JORDAN, UT 84084
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
238210 - Electrical Contractors and Wiring Installation Contractors
Loan Approval Date
5/23/2007
Loan Approval Gross Amount
$30,000
Loan Approval from the SBA
Of the total $30,000 loan amount, the SBA guaranteed $15,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 4 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Mountain America Fcu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Mountain America Fcu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
About This SBA Loan Information:
All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.
Related Links:
How to Raise Money
SBA Banks in West Jordan, Utah
Find an SBA Lender in Utah